Brothers Tyler and Cameron Winklewoss, the founders of the Gemini digital currency exchange, announced the establishment of the Virtual Commodity Association (VCA), which will fight fraud in the field of crypto-currency. Bitcoin-Bitstamp, bitFlyer USA and Bittrex also joined the team.
Dave Weisberger, the founder of CoinRoutes, noted:
"It is a great sign that multiple competing exchanges have been recognized to work together, to improve the overall industry, in their mutual self-interest."
The Virtual Commodity Association will work with the US Commodity Futures Trading Commission (CFTC) to prevent fraud and manipulation in the cryptocurrency markets, as well as to develop standards for digital assets. Currently, no federal authority has a direct impact on crypto exchanges, which operate in the United States.
Maria Filipakis has been chosen as temporary executive director of the new alliance. Previously, she worked in the New York department of financial services, where she helped to develop the legal framework for cryptocurrency companies, known as BitLicense. The first meeting of the members of the Association is scheduled for September.